Is Trinidad Chambliss returning to Ole Miss next season? Well, that all depends on the NCAA, but his new NIL deal with the Rebels could actually be the backup plan if his medical waiver is not granted. 

Just when you thought some of these financial figures would drop, teams across the country are still paying top-dollar for premier talent through the portal. 

This was going to be the case for teams who ‘frontloaded’ a lot of their deals with athletes before the ‘House Settlement’ took effect. Essentially, teams who decided to pay these players upfront have a lot of money to spend from their ‘rev-share’ pot. 

Steve Sarkisian Blasts Unqualified NIL Agents, And Roommates, Ahead Of Transfer Portal Chaos

So, what we have seen so far should not be surprising to some, especially when you see some of these financial deals being put together. 

Texas Tech would be a perfect example. On Sunday, Cincinnati quarterback Brendan Sorsby signed a deal with Texas Tech that will reportedly pay him in the neighborhood of $5 million for his one season with the Red Raiders. 

Is it worth that amount of money? Sure it is, especially if you’re willing to spend it, like Texas Tech billionaire booster Cody Campbell is doing right now in Lubbock. 

Does this mean every top-tier quarterback is making that type of money? Nope, but they are still going to bring in seven figures in NIL earnings. 

Take for instance Arizona State transfer Sam Leavitt. While some wanted to mention that he could make somewhere close to the $5 million range, multiple sources told OutKick that the number is a bit inflated, but that is why these players hire smart agents to drive up the price, while also mentioning that most top programs are interested. 

Trinidad Chambliss Is Set For Ole Miss Return, Pending NCAA

Coming off a monster performance in the Sugar Bowl last week, the Rebels quarterback is now preparing for a semifinal showdown with Miami that will see the winner playing for a national championship. 

In the midst of this postseason run, Chambliss is also battling the NCAA over a medical redshirt waiver that is now in the hands of the organization that will decide his eligibility. 

Due to a health issue that arose during his time at Division II Ferris State, Trinidad Chambliss missed the 2022 season. After battling respiratory issues, doctors discovered that removing his tonsils could actually fix the problem, but this also led to him sitting out the season while recovering. 

Fast-forward a few years later, and Chambliss is hoping to get that year back, with the help of attorney Tom Mars, who is handling his waiver case with the NCAA. Mars, who has provided the NCAA with a 91-page report, also included key documents pertaining to the medical situation, which should ultimately be enough for the NCAA to grant him a sixth-year of eligibility. 

Chambliss played in 2023, 2024 and this current season. He redshirted in 2021, while not playing at all due to his medical issue in 2022. On paper, this feels like a pretty easy case, if we’re just basing this off NCAA bylaws. 

Pete Golding Is Done Babysitting Lane Kiffin’s Mess as Charlie Weis Jr. Commits To Ole Miss For CFP

But, there was another tactic that the school decided to use in the case Chambliss does not receive a waiver from the NCAA. Late Sunday night, Trinidad and Ole Miss agreed to a new deal for the 2026 season, which can now be used against the NCAA if they were to deny his medical request. 

Not only would the organization be denying him the ability to play another season, the NCAA would also be preventing him from earning a substantial amount of money. This move would allow Chambliss and his attorneys to file a lawsuit against the NCAA directed towards the loss of NIL revenue. 

I’ll be honest, this is a smart move by all parties. Now, the NCAA isn’t just dealing with a medical issue, as they will also know that a lawsuit could be coming if a denial is issued. 

The school is hoping a decision will be made this week, given that the transfer portal only runs through January 16th, and decisions have to be made regarding the Rebels’ quarterback future. 

Can The Transfer Portal Market Be Sustained? 

That is one question on the minds of plenty of folks around college athletics. 

The short answer is no. But, we said that after last year’s transfer portal influx of players, along with the contracts they received for their services. 

The problem lies in the fact that donors are not receiving a ROI (Return On Investment) unless their team is hoisting a trophy at season’s end. Some schools have the money to spend, thanks to boosters who are willing to spend their own money. 

But, there will come a time when renting a quarterback or running back for a year, with a pricetag in the seven-figure range is no longer worth it. 

We will see how much longer this is sustainable, but it certainly feels as though we are seeing some separation in college athletics when it comes to a plethora of schools just handing out massive deals. 

Some are going to start playing the ‘Moneyball’ route, while others will continue to write massive checks. 

Oh, and the days of stockpiling talent are long gone. So, we’re about to find out which teams are capable of spending this type of money on a yearly basis. 

HOUSTON, TEXAS – OCTOBER 04: Behren Morton #2 of the Texas Tech Red Raiders celebrates after throwing a touchdown in the second quarter against the Houston Cougars at TDECU Stadium on October 04, 2025 in Houston, Texas. (Photo by Kenneth Richmond/Getty Images)

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The college football transfer portal is in its winter 15-day window, and over 3,700 players – roughly one third of all college football players – have indicated that they might be on the move. While players will consider many aspects when deciding on their new team, expect taxes to be one of those considerations. This article discusses the tax treatment for NIL and how state income tax law is already becoming a factor.

NIL Tax Treatment

Section 61 of the Internal Revenue Code states that “gross income means all income from whatever source derived.” This income definition stretches all the way from baristas making coffee at their shop to small business owners producing goods and services to corporate executives making millions of dollars each year in salaries, bonuses, and equity compensation.

Section 61 also applies to college athletes earning income from their NIL. This income can span anywhere from actual cash payments received for NIL, all the way to payment in kind. For instance, an athlete who receives a free car lease will recognize the value of that car lease as income, even though no money was exchanged.

While all athletes will be required to pay taxes at the Federal level with a tax rate of up to 37%, athletes will face varying tax effects at the state level. Nine states in total – Alaska, Florida, Nevada, New Hampshire, North Dakota, Tennessee, Texas, Washington, Wyoming – do not impose a tax on income. Furthermore, as I discuss in a Forbes contributor article, Arkansas taxes income but provides a statutory exemption from state income taxation on NIL earnings, a policy designed to attract athletes to its state.

ForbesArkansas Makes NIL Income Tax-Exempt. Will Other States Follow?By Nathan Goldman

Importantly, NIL income is generally taxed based on where the income was earned, rather than where the player plays their games or practices. This notion differs from pro sports athletes, who are subject to the jock tax, which taxes the athletes based on the location of their duty days. While some college athletes will be subject to tax in varying jurisdictions because of their home domicile or where specific income was earned (i.e., a player who shoots a commercial in a different state), the vast majority of college athletes will primarily pay state income taxes in their school state jurisdiction.

College athletes face differing tax consequences if they were to play for a team in a low or no-tax jurisdiction versus a high-tax jurisdiction. As I detail in a Forbes contributor article, two highly touted players from the 2025 football season – Carson Beck of Miami and Jeremiah Smith of Ohio State – had an NIL valuation of $4.3 million and $4.2 million, respectively. Despite being only $100 thousand difference in compensation, Beck, the higher compensated player, actually pays less in taxes than Smith because Beck is not subject to state income taxes in Florida. Meanwhile, Smith must pay an estimated $145,534 in state income taxes for his NIL income.

ForbesBreaking Down The Top 20 College Football Stars’ 2025 NIL Tax BillsBy Nathan Goldman

Because of these nuances in the way states tax income, now that players can be compensated for their NIL, there are clear advantages to players choosing to play for a school in a low or no-income tax state versus a high-income tax state. This tax liability is even more impactful for players like Arch Manning, who, as I discuss in a Forbes contributor article, is the highest compensated college athlete as estimated by On3 NIL valuation and has tremendous tax benefits for playing for the University of Texas, since they are making millions of dollars. Thus, a few percentage points of their income going to pay for state income taxes can represent hundreds of thousands of dollars of tax liabilities.

ForbesArch Manning’s $6.5 Million NIL Valuation Includes A Big Tax AdvantageBy Nathan Goldman

Taxes Are Already Impacting The Transfer Portal Via NIL

As reported by Yahoo!Sports, over 3,700 college football players are in the transfer portal. Given that there are only about 10,000 college football players, this movement means that approximately one in three players will continue their college football careers for a different team.

Taxes are unlikely to be the primary reason why a player chooses a specific school. Furthermore, there are not enough roster spots on teams in the ten states that do not tax income for every single college football player to transfer to a team in a no-state income tax jurisdiction. Lastly, if donors in a high-state income tax jurisdiction want better players, they could simply donate more to compensate the players for having additional tax costs.

However, several key decisions have already unfolded that suggest that taxes could already be playing a role. For instance, the number one player in the transfer portal, according to ESPN, Brendan Sorsby, has chosen to take his talents to Texas Tech University, which is located in a state that does not tax income. Quarterback Josh Hoover and wide receiver Nick Marsh are transferring to Indiana University. While Indiana taxes income at the state level, the top rate is only 3%, which is among the lowest among states that tax income. Similarly, Rocco Becht, a quarterback who previously played for Iowa State, will now be playing for Penn State. Like Indiana, Pennsylvania imposes a very low state income tax rate of 3.07%.

These three examples are illustrative and do not necessarily imply that taxes were the reason why they chose those locations. Furthermore, other top players are transferring to states that are not low or no-income-tax-rate jurisdictions, such as Oklahoma State University. What is seemingly absent from this list are players who are choosing to go to high-tax rate jurisdictions like California, New York, or New Jersey.

As this record-breaking transfer portal continues to unfold, the era of NIL appears to have made its mark. Assuming taxes continue to be a significant factor in determining players’ locational decisions, we can expect to see many of the top NIL earners flock to these low or no-income tax rate jurisdictions. On the flip side, players who are still quality players but not earning the same amount of NIL income might end up at schools that were not previously available to them. Regardless of the outcome, the NIL-era appears to have dramatically reshaped college football, and it is unfolding right in front of us during this January transfer portal window.

Made in Chicago: Custom, Licensed Luggage Tags for Your Student Athletes

Because this isn’t supposed to be happening.

Indiana is old.

Indiana’s coaching staff really is just that much better than everybody else.

I think two other factors are at play here: money and transfer portal evaluations.

And also, Homefield Apparel.

After a year at Wisconsin, Billy Edwards is heading back east.

The former Badger and Maryland Terrapin is signing with North Carolina. Edwards was Wisconsin’s Week 1 starter in 2025 but suffered a knee injury in the opener and made just one more appearance the rest of the season.

In 2024, Edwards was 273-of-420 passing for 2,881 yards, 15 TDs and nine interceptions.

Belichick and UNC added former South Alabama QB Gio Lopez via the transfer portal in the spring and, with Lopez expected to stay in Chapel Hill, he’ll compete with Edwards for the starting job.